UPDATED 3.35PM: The country's dairy farmers will have a spring in their step as they head off to the shed this morning.

After 10 consecutive falls, global dairy prices have risen by 14.8 percent at the latest auction overnight.

There was a 19.1 percent increase in the price for whole milk powder.

ABOVE: Andrew Kelleher from JMIS Limited talks to Rachel Smalley about the rise in dairy prices overnight

It's the first lift in prices since the beginning of March.

Business correspondent Andrew Kelleher says it's the upper end of what the market was expecting given futures pricing ... but comes on the back of 20 percent lower volumes.

"Hopefully it's some good news. We need to see whether or not this carries on though over the next few auctions."

Andrew Kelleher says one swallow doesn't make the summer .. this needs to become a trend.

ASB Rural Economist Nathan Penny is hopeful the prices will recover.

"We'd expect prices to recover over the next few months and over the course of the season as a whole to gradually trend upwards."